In a move that could reshape American corporate involvement in Venezuela's energy future, President Donald Trump has signalled a preference for excluding Exxon Mobil Corp. from his ambitious plan to have U.S. oil majors rebuild the country's crippled petroleum sector. The president expressed dissatisfaction with the company's cautious stance during recent high-level discussions.
Trump's Displeasure with Exxon's Caution
Speaking to reporters late on Sunday, January 11, 2026, aboard the presidential plane returning to Washington from Florida, Trump made his position clear. "I'd probably be inclined to keep Exxon out," he stated. "I didn't like their response. They're playing too cute." This comment appears to be a direct reaction to a White House meeting held the previous Friday, which gathered nearly twenty oil industry executives.
At that pivotal meeting, Exxon's Chief Executive Officer, Darren Woods, voiced some of the strongest reservations among the attendees. He pointed to the company's painful history in the South American nation, where its assets were seized on two separate occasions. Exxon ultimately departed Venezuela for good in the mid-2000s after the government of then-President Hugo Chávez, the predecessor to Nicolás Maduro, nationalized its remaining operations.
The 'Uninvestable' Challenge for Big Oil
Woods framed the current situation in stark terms, describing Venezuela as "uninvestable" under the existing legal and commercial frameworks. "If we look at the legal and commercial constructs and frameworks in place today in Venezuela today, it's uninvestable," Woods told the gathering. Despite this deep skepticism, he left a door slightly ajar, noting that Exxon is prepared to "put a team on the ground" if it receives a formal invitation from the Venezuelan government and obtains appropriate security guarantees.
Trump's push to revitalize Venezuela's oil industry was announced swiftly following the capture of former President Nicolás Maduro. However, the scale of the challenge is monumental. Experts estimate that reversing years of severe underinvestment and mismanagement could require upwards of US$100 billion and take a decade to accomplish. Significant questions persist about how to guarantee major long-term investments in a country still grappling with corruption and security issues, despite recent U.S. moves to assume control of Venezuelan oil exports.
Contrasting Corporate Responses and Security Promises
The White House meeting revealed a split in corporate enthusiasm. In sharp contrast to Exxon's wariness, Chevron Corp.—the sole Western oil major that continued operating in Venezuela under Maduro—struck a more optimistic note. Chevron Vice Chairman Mark Nelson indicated his company is ready to significantly increase production from the current level of approximately 240,000 barrels per day, potentially boosting output by about 50 percent within the next 18 to 24 months.
Other executives also expressed a willingness to engage, contingent on improved conditions. Josu Jon Imaz San Miguel, CEO of Spanish energy company Repsol, stated his firm was "ready to invest more in Venezuela today" once the necessary commercial and legal frameworks are established.
When pressed on what assurances his administration would provide to mitigate the immense risks, President Trump offered a characteristically direct, if vague, guarantee. "Guarantees that they're going to be safe, that there's going to be no problem. And there won't be," he asserted on Sunday. The president did not specify the mechanisms by which he might formally exclude Exxon from participation in the Venezuelan reconstruction effort. The company has not yet issued a public comment following Trump's latest remarks.
This development underscores the complex interplay between geopolitical strategy and hard-nosed commercial calculus. While the Trump administration seeks a rapid transformation of Venezuela's oil sector as a cornerstone of its regional policy, the memories of multi-billion-dollar expropriations remain fresh for some of the very corporations being called upon to lead the charge.
